v3.26.1
SHARE CAPITAL
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
SHARE CAPITAL SHARE CAPITAL
As of June 30, 2026 and December 31, 2025, the share capital of the Company comprises the following:
AS OF
US$ MILLIONS, EXCEPT FOR PAR VALUE AND SHARE AMOUNTS		June 30, 2026December 31, 2025
Par ValueAuthorized to Issue
Outstanding(1)
Carrying AmountPar ValueAuthorized to Issue
Outstanding(1)
Carrying Amount
Class A Senior Preferred Shares$25.00 100,000,000— $— $25.00 100,000,000— $— 
Class B Senior Preferred SharesC$25.00 100,000,000— — C$25.00 100,000,000— — 
Class A Junior Preferred Shares25.00 1,000,000,000— — 25.00 1,000,000,000— — 
Class B Junior Preferred SharesC$25.00 1,000,000,000— — C$25.00 1,000,000,000— — 
Class A Exchangeable Shares21.76 1,500,000,00060,150,639 1,332 21.83 1,500,000,00059,934,825 1,333 
Class A-1 Exchangeable Shares21.76 750,000,000— — 21.83 750,000,000— — 
Class B Shares21.76 750,00036,000 1 21.83 750,00036,000 1 
Class C Shares1.00 1,000,000,000297,363,572 13,725 1.00 1,000,000,000272,687,160 12,311 
__________________________
(1)The number of issued shares is the same as the number of outstanding shares for all share types, except for Class A exchangeable shares. The number of issued Class A exchangeable shares was 65,569,591 as of June 30, 2026, including 5,418,952 shares held in treasury. The number of issued Class A exchangeable shares as of December 31, 2025 was 65,307,416, including 5,372,591 shares held in treasury.
The following events impacted the Company’s share capital position for the six months ended June 30, 2026:
•On February 26, 2026, we repurchased 26,647 Class A exchangeable shares.
•On April 8, 2026, we issued 18,344,438 Class C shares to Brookfield in exchange for $1.1 billion of BBUC shares Brookfield contributed.
•On April 20, 2026, we issued 6,331,974 Class C shares to Brookfield, valued at $317 million, in exchange for certain investments contributed by Brookfield.
The following events impacted the Company’s share capital position for the six months ended June 30, 2025:
•On February 24, 2025, we repurchased 96,744 Class A exchangeable shares.
•On June 25, 2025, we issued 41,670,076 Class C shares and a promissory note to Brookfield in exchange for $3.5 billion of BAM shares Brookfield contributed.
Repurchased shares were held in treasury as of June 30, 2026 and December 31, 2025. On December 31, 2025, we issued 24,818,914 Class C shares to Brookfield in exchange for the aforementioned promissory note. Accordingly, the promissory note was no longer outstanding as of June 30, 2026 and December 31, 2025.
The movement of shares outstanding is as follows:
20262025
AS OF AND FOR THE PERIODS ENDED JUN. 30
SHARE AMOUNTS
Class A Exchangeable Shares
Class B Shares
Class C Shares
Class A Exchangeable Shares(1)
Class B Shares(1)
Class C Shares
Outstanding as of January 159,934,825 36,000 272,687,160 62,154,774 36,000 201,116,647 
Acquisition of treasury shares, net(26,647)— — (96,744)— — 
Outstanding as of March 3159,908,178 36,000 272,687,160 62,058,030 36,000 201,116,647 
Issuances242,461 — 24,676,412 62,454 — 41,670,076 
Outstanding as of June 3060,150,639 36,000 297,363,572 62,120,484 36,000 242,786,723 
__________________________
(1)The number of shares outstanding for Class A exchangeable and Class B shares was adjusted to reflect the three-for-two stock split in the form of a stock split completed on October 9, 2025, whereby we issued one-half of a Class A exchangeable share and one-half of a Class B share for each Class A exchangeable and Class B share outstanding, respectively.